Michael Saylor's Euro Preferred Stock STRE: Reasons for Failure in the European Market

WhaleStalker · 2026-01-31T18:14:35+00:00

Michael Saylor's Strategy has introduced a new financial product, the STRE perpetual preferred stock, targeting European investors with a 10% dividend. Despite raising $715 million, the product has faced lackluster market reception due to accessibility issues and limited market data transparency. Proposed solutions include relisting on larger exchanges to enhance market dynamics and retail accessibility, while Saylor's strategy for growth in Europe remains uncertain. ![European investors](https://example.com/image1.jpg) This new offering aims to attract more retail investors by improving trading platforms and increasing visibility. However, challenges such as regulatory hurdles and market skepticism continue to hinder widespread adoption. Saylor emphasizes the importance of transparency and accessibility to foster investor confidence. In addition, plans are underway to provide more comprehensive market data and to facilitate easier access for smaller investors. The success of this initiative depends on effective implementation of these strategies and ongoing market conditions. Overall, Saylor's approach seeks to expand the company's footprint in Europe, but the outcome remains uncertain amid current economic uncertainties.

WhaleStalker

2026-01-31 18:14:35

Abstract generation in progress

Michael Saylor’s Strategy introduced a new financial product targeting European investors last November. It was a euro-denominated perpetual preferred stock called STRE (Stream), offering an attractive 10% annual dividend. However, after several months since its launch, this product has been shunned by investors contrary to expectations.

The initial plan was clear. The company led by Michael Saylor aimed to encompass the demand of the vast European Economic Area (EEA) by launching a European version of the successful US market Stretch (STRC) preferred stock. Strategy ultimately raised about $715 million, pricing the stock at EUR 80 per share in line with market conditions. The financial product seemed to have decent terms, but the actual market response was lukewarm.

The Gap Between Expectations and Reality: What Went Wrong?

To analyze why STRE failed to attract attention in the market, we need to look at structural barriers. King Oi, CEO of Treasury, a Netherlands-based crypto finance company, pointed out several key reasons, suggesting that despite Europe’s large market size, STRE did not succeed.

The first obstacle is lack of investor accessibility. STRE is only listed on Luxembourg’s Euro MTF (Multilateral Trading Facility), making it difficult for retail investors to trade easily. Even global brokers like Interactive Brokers do not offer this product, and most consumer-friendly online trading platforms are the same. As a result, ordinary investors are limited to accessing only specialized exchanges.

The second issue is lack of market data transparency. Limited trading information about STRE on major chart platforms like TradingView makes it difficult for investors to properly assess liquidity and profitability. Currently, TradingView shows STRE’s market cap at around $39 billion, but the daily trading volume is only about 1,300 units. This data gap hampers investment decision-making.

What’s the Solution? Michael Saylor and Strategy’s Next Moves

With the root causes clarified, solutions are emerging. King Oi suggests that STRE should be relisted on a larger exchange. Notably, the Netherlands’ financial infrastructure can provide a stronger distribution network, deeper market making, narrower bid-ask spreads, and broader retail access.

Michael Saylor has previously scaled back preferred stock issuance in markets like Japan. Whether Strategy will turn Europe into a growth opportunity or continue to focus on the US market depends on future management strategies. Currently, four different perpetual preferred stock products are successfully operating in the US, so it will be interesting to see how Michael Saylor’s company adjusts its approach to the European market.

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